Starting from September, South Korean cryptocurrency exchanges with real-name bank accounts are required to reserve at least 3 billion won in reserves

ChainCatcher news, according to News1, the Korea Banking Association requires that cryptocurrency exchanges with real-name accounts from banks must reserve at least 3 billion won and up to 20 billion won in reserves starting from September. The Financial Services Commission of Korea will also issue the "Standards for Issuing Bank Real-Name Accounts," which will include this standard.

According to the guideline, cryptocurrency exchanges must prepare funds equal to 30% of their average daily deposits or 3 billion won (whichever is higher) as reserves. If the 30% of the exchange's average daily deposits far exceeds 3 billion won, they can accumulate 3 billion won as reserves. If 30% of the average daily deposits exceeds 20 billion won, they can accumulate a maximum of 20 billion won as reserves.